Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Athina Atalioti, who will go over the financial details in more detail.

The purpose of today's call is to discuss our financial results for the three-month period ended March 31st, 2026. Please turn to slide 3 on the presentation, where we present our financial highlights.

For the first quarter of 2026, we reported total net revenues of $12.8 million and net income attributable to controlling shareholders of $0.26 million, or 9 cents earnings per diluted share. Adjusted net income attributable to controlling shareholders for the quarter was $0.33 million, or 12 cents per diluted share.

Adjusted EBITDA was $4.9 million. Please refer to the press release for a reconciliation of adjusted net income and adjusted EBITDA.

Athina Atalioti will go over our financial highlights in more detail. Since launching our share repurchase plan of up to $10 million, which was originally announced in August 2022 and successively extended in 2023, 2024, and 2025, with current authorization to run through August 2026, we have repurchased 348,000 shares in the open market for a total of $5.6 million.

Repurchases under the program are executed in a disciplined and measured manner at management's discretion. We have decided to expand our newbuilding program by adding two Kamsarmax vessels, which will complement the two Ultramaxes already on order.

We signed contracts with Qingdao Shipyard for the construction of these two 82,000 dwt eco-Kamsarmax bulk carriers built to EEDI Phase 3 standards, with delivery scheduled for the first and second quarters of 2028. The total contract value is approximately $74 million, which will be financed with a combination of debt and equity.

The contracts are conditional upon receiving a refund guarantee from a bank acceptable to the company. Once all four vessels are delivered, our fleet will be composed almost entirely of modern ships, the majority of which have been built for us directly.

Turning to slide 4, we highlight our recent chartering and operational developments. From a chartering perspective, our fixtures during the first quarter were predominantly short term.

Currently, four of our vessels are employed on index-linked charters at 115% of the average Baltic Supramax 10TC index, providing continued exposure to market dynamics while preserving operational flexibility. The remaining seven vessels are employed on trip time charters with durations ranging from approximately one to just over three months, whilst only the Christos K is on a longer TC till December.

Further details of the charters fixed during the period are provided in the accompanying slide. There were no idle or commercial off-hire periods during the quarter.

However, M/V Xenia underwent drydocking for approximately 28 days spanning from December 18th, 2025 to January 15th, 2026. We had hedged a very small part of our exposure through FFAs.

Luckily, these hedges are not in the money as the market has been stronger than we forecasted, earning the majority of our fleet higher rates. In particular, on February 19th, we sold 90 days of the Kamsarmax index, which is based on the average of five time charter routes, for the second quarter of 2026 at $19,240 per day and an additional 90 days for the third quarter of 2026 at $17,250 per day, each equivalent to one vessel.

In addition, on March 30th, we sold a further 90 days of the Kamsarmax average index for the third quarter of 2026 at $17,100 per day, also equivalent to one vessel. Please turn to slide 5.

EuroDry's current fleet consists of 11 vessels with an average age of around 13.8 years and a total carrying capacity of approximately 707,000 dwt. In addition, we have two Ultramax vessels under construction with capacity of 63,500 dwt each, scheduled for delivery in the second and third quarters of 2027, and two Kamsarmax vessels on order with capacities of 82,000 dwt each, scheduled for delivery in the first and second quarters of 2028.

Upon delivery, our fleet will grow to 15 vessels with a total carrying capacity of approximately 1.05 million dwt. Next, please turn to slide 6, where we graphically show our fleet employment.

Our current fixed rate coverage for the remainder of the year stands at approximately 23.5% based on existing time charter agreements. This figure excludes our four vessels on index-linked employment.

In slide 8, we review the general market highlights for the first quarter ended March 31st, 2026 and recent developments through mid-May. Panamax spot rates improved from an average of approximately $13,290 per day during the first quarter to around $14,750 per day by the end of March, and before strengthening further to approximately $22,300 per day as of last week.

Similarly, one-year rates have also increased, with Clarksons assessing the standard Panamax one-year time charter rate at approximately $18,000 per day as of May 15th. Notwithstanding this improvement, one-year charter rates continue to trade slightly below prevailing spot market levels.

Turning to slide 9, we review the global macroeconomic backdrop and its implications for drybulk shipping demand. According to the IMF's April 2026 World Economic Outlook update, global growth is projected to moderate to 3.1% in 2026 and 3.2% in 2027, with downside risks dominating the outlook.

Key risk factors include a potential broadening of the Middle East conflict, uncertainty surrounding AI-driven productivity gains, and the prospect of renewed trade tensions. Any of these could materially weaken growth and destabilize financial markets.

Global headline inflation is projected to edge higher in 2026 before resuming its downward trend in 2027, with the growth slowdown and inflationary pressures expected to be most pronounced in emerging market and developing economies. In the United States, the 2026 growth projection was revised by the IMF modestly lower to 2.3%, while the 2027 outlook was revised slightly upwards to 2.1%.

The US economy continues to demonstrate resilience, albeit with certain macroeconomic imbalances. Markets have priced in a more hawkish interest rate path, reflecting the inflationary impact of commodity-related supply shocks.

The Federal Reserve remains in a wait-and-see mode, with rate cuts currently on hold pending further evidence of easing goods inflation. As of May 2026, the effective fed funds rate stands at approximately 3.64%, with rate cuts potentially resuming from late 2026.

Gradual depreciation of the US dollar is anticipated as monetary easing eventually takes hold. The ASEAN-5 region is projected to grow at a slightly lower rate than previously anticipated, at approximately 4.1% in 2026 and 4.4% in 2027, due to external headwinds like Middle East energy shocks, geopolitical trade fragmentation, and fading export momentum.

Meanwhile, China's growth trajectory is projected to remain relatively resilient, with GDP growth of 4.4% in 2026 and 4% in 2027, supported in part by the country's technological and industrial competitiveness. Structural economic imbalances, however, remain a key challenge.

Policy priorities continue to center on high-quality growth, with emphasis on energy security, domestic consumption, and technology-driven productivity gains. Turning on to the drybulk sector, Clarksons projects drybulk trade growth at approximately 2.5% in 2026 and 1.3% in 2027, suggesting continued, albeit moderating, demand for drybulk vessels.

While the broader global economy is still expected by the IMF to hold up, risks are skewed to the downside by macroeconomic uncertainty, geopolitical fragmentation, and uneven regional trade activity, which may continue to weigh on trade flows and freight market dynamics. Please turn to slide 10 as we review the current state of the drybulk order book.

As of May 2026, the order book stands at approximately 13.2% of the existing fleet. Although higher than the cyclical low of 7% recorded in 2021, it remains among the lowest levels in history.

For context, the order book accounted for 66% of the fleet in 2008 and around 24% in 2014. The persistent low level of new ordering activity reflects a combination of constraining factors, including limited shipyard capacity, elevated newbuilding costs, and continued uncertainty surrounding future fuel technologies and evolving environmental regulations.

These supply-side constraints could provide support for vessel utilization and freight rates over the medium term. Turning to slide 11, we examine the supply-side fundamentals in greater detail.

As of May 2026, the total drybulk fleet comprises approximately 14,600 vessels representing around 1.1 billion dwt. According to Clarksons' latest estimates, scheduled newbuilding deliveries as a percentage of the existing fleet are projected at 4.5% in 2026, 4.1% in 2027, and 5.6% for 2028 and beyond.

Actual fleet growth is, of course, expected to be slightly lower as slippage and demolition activity will offset a portion of the gross deliveries. Looking at the fleet age profile, approximately 11% of the global fleet is over 20 years old, representing vessels that could be considered for scrapping if market conditions moderate or environmental regulations tighten further.

Turning to slide 12, we summarize our outlook for the drybulk market. Drybulk markets have had a surprisingly stronger than expected start in 2026, with earnings proving particularly resilient through what is typically a seasonally softer period.

Average Supramax and Panamax time charter rates rose by approximately 8% since the fourth quarter of 2025, reaching their strongest levels in two years and broadly in line with March 2024. Firm drybulk trade trends continue to support vessel demand, driven by strong iron ore, grain, and bauxite export volumes.

Global seaborne minor drybulk trade has remained firm in early 2026, partly supported by continued bauxite trade. Additionally, total Guinean ore exports are projected to reach 60 million metric tons in 2026, providing a further boost.

That said, uncertainty remains around Chinese iron ore demand amid ongoing pressures on steel output. Across vessel sizes, Capesize vessels continue to outperform smaller vessel classes, although both the Supramax and Panamax segments have recorded gains during the first quarter and up to now, reflecting a broadening in the market's recovery.

Looking ahead to the remainder of 2026, we expect modern gains, potentially resulting in full-year earnings above the 2025 levels. Geopolitical disruption continues to create market inefficiencies across global trade routes, and FFA pricing points to a firm market over the next 10 to 12 months.

Several key factors are expected to shape the outlook for 2027. In the coal trade, higher gas prices are expected to provide some support, with imports into Europe, Japan, and Korea anticipated to rise, although global coal volumes are still forecast by Clarksons to decline by approximately 2% in 2026.

Emerging bottlenecks at the Panama Canal represent an additional source of potential supply tightening. Capesize vessels are expected to continue outperforming, supported by firming bauxite trade flows.

Guinea's Simandou iron ore project is set to boost iron ore production as part of China's Belt and Road strategy, supporting Chinese industrial activity, reducing reliance on Australian and Brazilian imports, and displacing lower-grade domestic production. Finally, geopolitical developments that disrupt trade routes and reduce operational efficiency remain the single most important unknown.

On the supply side, newbuilding orders have accelerated in recent months and may gain further momentum in the foreseeable future despite the lack of maritime berths. Looking ahead to 2027, bulk markets are expected to see another year of moderate earnings, with fleet growth likely to outpace trade growth.

Nevertheless, several factors could help keep the market in relative balance, including the evolution of the Middle East conflict dynamics, the ramp-up of the Simandou project, and Chinese demand trends. Coal policy, vessel speeds, and fleet renewal and demolition activity will also remain important variables.

Our base case assumes a moderately softer market environment in 2027, although a prolonged conflict scenario, particularly involving Iran, could weigh more heavily on global GDP growth and by extension on the drybulk demand. Next, turn to slide 13 for a review of our position on the drybulk market cycle.

As of May 15th, 2026, the one-year time charter rate for a standard 75,000 dwt Panamax vessel stood at approximately $18,000 per day. This is considerably above the historical median of $13,375 per day.

This higher rate environment is reflected, although disproportionately as we think, in the secondhand asset market. Values for 10-year-old Panamax bulk carriers are extremely firm.

At approximately $28.5 million, current prices sit well above both the historical median of $19.5 million and the 10-year average of approximately $19 million. We are very reluctant to invest at these prices in secondhand assets.

Nevertheless, as we believe that modernizing our fleet is important for the future of our company and the newbuilding values are still at decent levels, we have decided to utilize our liquidity to order two Kamsarmax vessels, thus positioning our fleet to benefit from a market improvement, which we believe will come at some point in the coming years. With that, I will now turn over the floor to Athina for a closer look at our first quarter financial performance.

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen.

Over the next five slides, I will throw you I will give you an overview of our financial highlights for the first quarter of 2026 and compare those results to the same period as last year. For that, let's turn to slide 15.

For the first quarter of 2026, the company reported total net revenues of $12.79 million, representing a 38.9% increase over total net revenues of $9.21 million during the first quarter of 2025, which was the result of the increased time charter rates our vessels earned during the first quarter of 2026, partly offset by the decreased average number of vessels owned and operated during the first quarter of 2026 compared to the same period of 2025. The company reported a net income attributable to controlling shareholders of $0.26 million, as compared to a net loss attributable to controlling shareholders of $3.7 million for the same period of 2025.

Interest and other financing costs for the first quarter of 2026 decreased to $1.5 million, as compared to $1.8 million for the same period of 2025. Interest expense during the first quarter of 2026 was lower mainly due to the decreased benchmark rates for our loans and the decreased average debt during the first quarter of 2026, as compared to the same period of last year.

In the first quarter of 2025, we recorded a gain on the sale of one of $2.1 million relating to the sale of M/V Tasos. There were no vessel sales in the respective quarter of 2026.

Adjusted EBITDA for the first quarter of 2026 was $4.87 million, compared to a negative $1.02 million during the first quarter of 2025. Basic and diluted earnings per share attributable to controlling shareholders for the first quarter of 2026 was 9 cents, calculated on 2,796,000 96 96,647 and 2,828,521 basic and diluted weighted average number of shares outstanding, compared to a basic and diluted loss per share attributable to controlling shareholders of $1.35 for the first quarter of 2025, calculated on 2,737,297 basic and diluted weighted average number of shares outstanding.

Excluding the effect on the net income attributable to controlling shareholders for the quarter of the of the unrealized loss on derivatives, the adjusted income attributable to controlling shareholders for the quarter ended March 31st, 2026 would have been 12 cents per share basic and diluted, compared to an adjusted loss of $2.07 per share basic and diluted attributable to controlling shareholders, respectively, for the quarter ended March 31st, 2025. Usually, securities analysts do not include the above items in their published estimates of earnings per share.

Turning to slide 16, we review our fleet performance for the first quarter of 2026 with comparison to the same period of 2025. Beginning with utilization, our commercial our commercial utilization rate reached 100% in the first quarter of 2026, while our operational utilization rate was 99.7%, resulting in overall utilization of 99.7%.

This compares favorably to the first quarter this compares favorably to the first quarter of 2025, when commercial utilization stood at 98.4%, operational at 99%, and overall at 97.4%, reflecting a meaningful improvement in fleet employment efficiency year-over-year. On average, 11 vessels were owned and operated during the first quarter of 2026, earning an average time charter equivalent rate of $14,416 per vessel per day.

This compares to an average of 12.8 vessels in the same period of 2025, earning an average TCE rate of $7,167 per vessel per day, reflecting a more than doubling of earnings on a per-vessel basis year-over-year. Turning to operating costs, total operating expenses, including management fees and G&A expenses, but excluding drydocking costs, were $7,479 per vessel per day during the first quarter of 2026, compared to $7,304 per vessel per day during the same period of 2025, reflecting a modest increase.

Finally, our daily cash flow breakeven rate, which takes into account the operating expenses, drydocking costs, interest expense, and scheduled loan repayments, excluding balloon payments, stood at $12,540 in the first quarter of 2026, compared to $11,528 in the first quarter of 2025, with a TCE rate of about $14,400 comfortably comfortably exceeding the breakeven rate of $12,540. Please turn to slide 17.

This slide serves as calculation tool, which enables our shareholders and investors to assess the earnings potential in the remainder of 2026 in the current environment. The table shown in this slide has two components.

The top part refers to our fixed rate contracts. As you can see, our contracted coverage in fixed contract rates is about 23% for the rest of the year.

It's about 50% in the second quarter, but declines to 15% in the third, and it is very small for the fourth quarter. This chartering strategy reflects our expectation that the market will be quite positive, as indeed it is indicated by the forward freight market.

The rest of our vessels are employed in contracts linked to the relevant to their size Baltic Dry index. Our calculator indicatively shows the Supramax and Panamax-Kamsarmax Baltic forward rates as of May 13th, 2026, and also shows how the and also shows how these index levels get translated to rates for our ships.

We actually display the final blended rate for the open days of our fleet, which you can see right below the Supramax and Panamax forward rates in the table and which, as you can see, turns to be very similar to the index level. Based on this assumption, and by further assuming, for simplicity, $7,500 per day per vessel OPEX and G&A costs and a 5% commission rate, one one can estimate the EBITDA the EBITDA contribution.

The final result is additionally adjusted for our preliminary drydocking expenses expected during the year. This overall exercise is meant to provide a tool to calculate our EBITDA for 2026.

Obviously, one can enter his/her own assumptions about the rates to do that. It is worth observing that at current FFA rates, one would expect an annualized EBITDA rate of $34 million.

Of course, one can make his/her own assumptions of how the market might turn out. In the rest of 2026, as you can also easily estimate, our EBITDA depend on to the average rates earned by our open days.

For example, a change of $1,000 per day in the average rates earned would result in a $2.2 million change in our 2026 EBITDA. Turning to slide 18, we review our debt profile and cash flow breakeven estimate.

As of March 31st, 2026, our outstanding debt stood at $109 million, carrying an average margin of approximately 1.99%. Assuming a three-month a three-month SOFR rate of 3.64% as of that date, the all-in cost of our senior debt averages 5.63%.

The upper chart illustrates our debt amortization schedule. Scheduled debt repayments total approximately $12.2 million during 2026, $21 million in 2027, $17 million in 2028, and $28.8 million in 2029, inclusive of balloon payments of approximately $1.2 million, $10.2 million, $6.7 million, and $19 million, respectively.

Please note please note that although we have arranged the debt financing of our two Ultramax newbuildings, our current debt figure that I quoted includes only the portion of one of the two loans drawn to date, representing the pre-delivery payments made thus far. The 2028 and 2020 the 2027 and 2028 repayment figures include scheduled repayments under both newbuilding loan facilities that we have started drawing to finance our Ultramax newbuilding newbuildings, which are scheduled for delivery during the second and third quarters of 2027.

Turning to the bottom of this slide, we present our cash flow breakeven estimates for the next 12 months, broken down by major components. Our EBITDA breakeven level stands at $8,035 per day, while our all-in cash flow breakeven, incorporating operating expenses, drydocking costs, interest expense, and loan repayments, is estimated at $12,310 per day.

Let's move now to my final slide, slide 19, to review some highlights from our balance sheet as of March 31st, 2026. This slide offers a snapshot of our assets and liabilities and hopefully provides a concise picture of our financial position.

On the asset side, cash and other assets stood at approximately $31.6 million. Advances for newbuildings amounted to approximately $14.4 million, and the book value of our vessels was approximately $163.1 million, bringing our total assets to approximately $209.1 million.

On the liabilities side, total debt stood at approximately $100.9 million, while other short-term liabilities amounted to $5 million, for combined liabilities of of approximately $105.8 million, representing roughly 51% of total assets. Shareholders' equity on a book value basis stood at approximately $93.8 million, or $32.45 per share.

However, based on our internal estimates and external valuations, the market value of our fleet is meaningfully above its book value. We estimate the current market value of our vessels at approximately $226.9 million, compared to a book value of approximately $163.1 million, implying an excess value of approximately $63.9 million.

Adjusting for this adjusting for this difference yields an estimated net asset value in excess of $52.77 per share. When compared to the recent trading range of our shares, which has moved up to around $21 recently, it becomes evident that there is a substantial discount to our estimated net asset value and by extension a significant potential upside for both shareholders and potential investors.

We remain committed to we remain committed to executing our strategy and creating long long-term value for our shareholders, and we believe the current share price represents a compelling entry point relative to our estimated net asset value. With that, I will hand the call back to Aristides to continue.

Thank you, Athina. May we now open up the floor to any questions we may have?

Thank you for taking my questions. Really do appreciate slide 17.

That's very helpful. I was wondering, could you provide some additional detail regarding the financing strategy for the newly ordered Kamsarmax vessels and the expected impact on leverage levels?

We don't intend to have pre-delivery financing, I think. We will get upon delivery financing to the order of 60% approximately.

As there is ample supply of bank financing these days. Many banks are courting us to provide us financing with, we're pretty sure that the very modest level of financing that we will require, we will be able to do it.

Then

how does management evaluate the tradeoff between continued share repurchases and funding fleet expansion opportunities in the current market environment?

We try to balance everything. As you say, we are continuing the repurchases of stock because our share price is extremely low.

On the other hand, we want the liquidity in our stock, in the stock that is trading to continue improving as it has over the last six months. We are careful not to overdo it and be too aggressive in this process.

We've decided that we will do this four vessels which will help us in the future, these four newbuilding vessels, and the remaining earnings, we will see what we will do, but for now we are pretty covered with these four vessels that we have on order. Then

just lastly, are there additional opportunities for fleet renewal vessel acquisitions or selective asset sales if secondhand vessel prices remain elevated? I'm really kind of looking at the Panamax vessels in your fleet that have that average age of around 21 years.

Correct. These are potential sale candidates at some point in time.

For the time being, they are earning significant time charter equivalents of about $20,000 per day or close to that level, which obviously is helping us build up our cash reserves, but we will decide later towards Q3 if we will dispose one of them or not.

That's great. Thank you very much.

Thanks, Mark.

Hello. Can you, Aristides, just discuss your hedging strategy?

It looks like you have two the equivalent of one, one drybulker hedged in the second quarter and then two in the third quarter. Can you just talk about what you're seeing now on the curve and maybe looking into the fourth quarter on whether you continue to hedge?

Yes. Poe, you're right.

We felt that the market would not be that strong, we considered hedging a little bit at the levels that we did, which was $19,000 for Q2 and $17,000 for Q3. The market has been stronger, today FFA rates are higher than that.

We evaluate the situation in our weekly meetings and will decide if we will take more cover either through time chartering a few of our vessels or through further FFAs. This is something which is dynamic and that we look upon every week.

Great. Then with the addition of the two additional newbuilds, can you just highlight your newbuild CapEx for 2026, '27, and '28?

I think we can arrange to send this to you separately. I don't have the numbers on my head, but we will send them to you.

Okay?

That's great. Then can you You didn't buy, there's quite a discrepancy between your, estimated net asset value and where you current your stock currently is trading, but you didn't buy any stock in this in the first quarter.

What Can you just help us maybe help me understand what you can do to try to close that that gap, that discount to your NAV, Aristides?

The stock price increased substantially during the quarter, right? From what was it?

$12, $13 up to $21, it's been increasing. Nevertheless, we are still having the buyback program active and we have executed a few purchases during the last few days.

We will continue executing on that, but only a little bit and marginally. As I said to Mark previously, for us it's important that we keep up the liquidity in the stock growing, we won't be extremely aggressive on that.

Great. Then from a cost standpoint, the two things that I'm sort of focused on looking forward are bunker costs and also insurance costs.

Can you just discuss your exposure to potential increases in both those areas?

Yes. On the bunker side, our ships all of them actually are on time charter basis, which means that the charterer is responsible for replenishing the bunkers and paying for them.

It's not a huge issue for us as long as there is availability of bunkers. We don't really mind the higher price.

Of course, the charterer minds it, it affects his decisions. On the insurance costs, there is increased war risk insurance in several areas, but as our vessels do not trade there, we're not affected.

Great. Very helpful.

Thank you, Aristides.

Thanks.

Hi, thank you. Hi,

hello. The voyage days in the first quarter were a bit below I forecasted, and you mentioned some repositioning in the press release.

Given global dynamics, do you think the repositioning between charters will be a quarterly occurrence, or was that special situation related to the first quarter? No,

I think it was a special situation. In the first quarter, it happened that we had a lot of repositioning, but on average I expect it to be narrowed to what we've been advising.

Then

the voyage expenses, again related to those repositionings and maybe the bulk fuel sale, that's certainly a one a quarterly event as well, I think the last time that occurred was two-odd years ago.

Yes, exactly. Exactly.

Exactly.

Okay. Then last, your comments on the Panama Canal, is that an emerging dynamic removing some vessel voyage from the fleet, or is that been consistent on the first two months of this quarter?

No, it's practically an emerging dynamic because we are seeing more and more tankers cross the Panama Canal who pay higher fees to pass and for whom it's more important to pass through the canal, and that has practically squeezed the drybulk out of the canal. It's a consequence of the war in Iran and the fact that on the tanker sector there's been a significant shift on the trading patterns.

Thank you.

Thanks, Tate.

Thank you. I just wanted to follow up on when you look at the fixed rate coverage for the remainder of 2026, it's about 23.5%, and if you're expecting rates to kind of remain strong, I can understand why you would want to leave exposure to the market and we're only in May.

Looking to 2027, if you're expecting the market to weaken a little bit or rates to go down, at what point do you try to start preparing for that or 2027 to maybe increase your fixed rate coverage as you head into 2027?

Indeed, you're right. We're looking into this mark, but FFA rates for 2027 are quite lower than where they are today.

We are also looking at the alternative, which is to time charter maybe a couple of vessels for a year's time so that we cover a little bit of the 2027 exposure. We wouldn't do too much, but it is possible that we will fix a couple of ships in longer TC or cover with FFA.

Great. That's very helpful.

Thank you.

Thanks, Mark.

Thank you all for listening in to our results of today, and we look forward to discussing again in Q2, which as we all know is going to be a pretty good quarter based on what we are seeing today. Thank you all.